REFERENCE TITLE: investments; financial institutions; state treasurer

State of Arizona

Senate

Fifty-sixth Legislature

First Regular Session

2023

SB 1612

Introduced by

Senator Kern

An Act

amending title 35, chapter 2, Arizona Revised Statutes, by adding article 4; relating to financial institutions.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Title 35, chapter 2, Arizona Revised Statutes, is amended by adding article 4, to read:

ARTICLE 4. ENVIRONMENT, SOCIAL AND GOVERNANCE

START_STATUTE35-351. State treasurer; financial institutions; canceling of contracts; definition

A. The state treasurer may cancel state contracts with financial institutions that have written policies regarding environmental, social and governance issues that include boycotting fossil fuels.

B. On referral from the state treasurer, the attorney general shall investigate the financial institutions described in subsection a of this section.

C. A public entity may not invest public monies in or with a financial institution described in subsection a of this section.

D. For the purposes of this section, "public entity" means this state, a political subdivision of this state or an agency, board, commission or department of this state or a political subdivision of this state. END_STATUTE